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Keeping your business operational is a full-time job. It’s a balancing act that requires you to keep a multitude of plates spinning, while your executive team and employees support you at every stage of the operational journey. But what happens if these plates stop spinning?
Sudden unexpected threats can catch you on the hop. What if an unexpected circumstance comes up that derails your usual operational procedures? How will you cope? What will you do to overcome the issue? And how will you get the business back on target?
The answer lies in having a thorough business continuity plan.
What’s a business continuity plan?
A business continuity plan is an executive plan that describes the risks that exist in the business, your strategy for dealing with these known and unknown risks, and how you will mobilise your team to overcome any issues, emergencies, or gaps in trading etc.
None of us truly knows what lies around the corner. Most businesses were not expecting the 2008 economic crash, or the 2020 Covid-19 pandemic. If you can plan ahead and put contingency plans in place, you'll be better prepared when a worst-case scenario does appear.
How do you formulate your plan?
Every organisation’s business continuity plan will be different. We all have different business models, different company hierarchies and different risks that are peculiar to our own sectors.
But the fundamental basis on which you create your business continuity plan will be the same however your company works.
For example:
Talk to us about building a business continuity plan
No plan can completely remove the threat of the unknown – that’s an impossibility. But with a continuity plan that’s well-conceived and ready to implement, you reduce the potential risks and give you and your team a practical strategy and tactics to work with.
Need to get a plan in place?
We can help you analyse your business model, look for the critical areas and assess the potential risks. We’ll also help you put together a business continuity plan that’s ready to implement if (and when) specific threats hit the business. If you have any further questions, get in touch with your WDF team member on 02 6921 5444.
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WDF Accounting and Advisory | Accountants Wagga | Your partners in business
Providing carefully tailored accounting solutions in business advisory, tax compliance, bookkeeping, Self-Managed Super funds, and more.
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